Mumbai: It looks like the big-talking Shane Smith-promoted Vice Media group is making its way to the junkyard. Once valued at $5.7 billion, the media firm has recently filed for bankruptcy and is seeking protection under Chapter XI. Its assets are being sold to a consortium of its lenders that includes Fortress Investment Group, Soros Fund Management, and Monroe Capital.

On Monday, Vice Media filed for bankruptcy. It is facing financial challenges due to the changing landscape of digital media. Despite this bankruptcy filing, Vice Media intends to continue its daily operations without any major disruptions.

The bankruptcy filing includes Vice Media and its affiliated entities, such as the ad agency Virtue, the Pulse Films Division, and the women-focused site Refinery29. These entities are all part of the bankruptcy proceedings.

In an effort to acquire Vice Media, a group of investors, including Fortress Investment Group and Soros Fund Management, has submitted a bid of $225 million. This amount is expected to cover existing loans and help absorb some of the company's significant liabilities. If the bid is successful, it could provide Vice Media with the opportunity for a fresh start.

Throughout the sale process, Hozefa Lokhandwala and Bruce Dixon, the co-chief executives at Vice Media, will continue to remain in their positions. The sale is anticipated to be finalized within the next three months, paving the way for a potential new beginning for Vice Media.